ORANGE, Australia, May 13, 2022 /CNW/ - Kincora Copper Limited's
Exploration Manager, Dr. Paul
Cromie, will be presenting at the Mines and Wines conference
– Discoveries in the Tasmanides today.
A copy of Dr. Cromie's presentation titled "Trundle Park
prospect: Evolving geological insights through deeper
drilling" is attached and a copy of the accompanying
technical paper published in the Australian Institute of
Geoscientists (AIG) Bulletin is available at:
https://kincoracopper.com/wp-content/uploads/2022/04/20220422_Kincora-Copper_Trundle-Park-paper_MW_AIG-Bulletin.pdf
For further information on the Trundle project please refer to
Kincora's website:
https://kincoracopper.com/the-trundle-project/ ; and, further
details on the Mines and Wines conference is available at:
https://www.minesandwines.com.au
This announcement has been authorised for
release by the Board of Kincora Copper Limited (ARBN 645 457
763)
Trundle Project
background
The Trundle Project is located in the Junee-Narromine volcanic
belt of the Macquarie Arc, less than 30km from the mill at the
Northparkes mines in a brownfield setting within the westerly rift
separated part of the Northparkes Igneous Complex ("NIC"). The NIC
hosts a mineral endowment of approximately 24Moz AuEq (at 0.6% Cu
and 0.2g/t Au) and is Australia's
second largest porphyry mine comprising of 22 discoveries, 9 of
which with positive economics.
The Trundle Project includes one single license covering
167km2 and was secured by Kincora in the March 2020 agreement with RareX Limited ("REE" on
the ASX). Kincora is the operator, holds a 65% interest in the
Trundle Project and is the sole funder until a positive scoping
study is delivered at which time a fund or dilute joint venture
will be formed.
For further information on the Trundle and Northparkes Projects
please refer to Kincora's website:
https://kincoracopper.com/the-trundle-project/
Forward-Looking
Statements
Certain information regarding Kincora contained herein may
constitute forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements may include
estimates, plans, expectations, opinions, forecasts, projections,
guidance or other statements that are not statements of fact.
Although Kincora believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. Kincora
cautions that actual performance will be affected by a number of
factors, most of which are beyond its control, and that future
events and results may vary substantially from what Kincora
currently foresees. Factors that could cause actual results to
differ materially from those in forward-looking statements include
market prices, exploitation and exploration results, continued
availability of capital and financing and general economic, market
or business conditions. The forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The information contained herein is stated as of the current date
and is subject to change after that date. Kincora does not assume
the obligation to revise or update these forward-looking
statements, except as may be required under applicable securities
laws.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) or the Australian Securities
Exchange accepts responsibility for the adequacy or accuracy of
this release.
Drilling, Assaying, Logging and
QA/QC Procedures
Sampling and QA/QC procedures are carried out by Kincora Copper
Limited, and its contractors, using the Company's protocols as per
industry best practise.
All samples have been assayed at ALS Minerals Laboratories,
delivered to Orange, NSW, Australia. In addition to internal checks by
ALS, the Company incorporates a QA/QC sample protocol utilizing
prepared standards and blanks for 5% of all assayed samples.
Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from
Parkes, under the supervision of our field geologists. All drill
core was logged to best industry standard by well-trained
geologists and Kincora's drill core sampling protocol consisted a
collection of samples over all of the logged core.
Sample interval selection was based on geological controls or
mineralization or metre intervals, and/or guidance from the
Technical Committee provided subsequent to daily drill and logging
reports. Sample intervals are cut by the Company and delivered by
the Company direct to ALS.
All reported assay results are performed by ALS and widths
reported are drill core lengths. There is insufficient drilling
data to date to demonstrate continuity of mineralised domains and
determine the relationship between mineralization widths and
intercept lengths.
True widths are not known at this stage.
Significant mineralised intervals for drilling at the Trundle
project are reported based upon two different cut off grade
criteria:
- Interpreted near surface skarn gold and copper intercepts are
calculated using a lower cut of 0.20g/t and 0.10% respectively;
and,
- Porphyry intrusion system gold and copper intercepts are
calculated using a lower cut of 0.10g/t and 0.05%
respectively.
Significant mineralised intervals are reported with dilution on
the basis of:
- Internal dilution is below the aforementioned respective cut
off's; and,
- Dilutions related with core loss as flagged by a "*".
The following assay techniques have been adopted for drilling at
the Trundle project:
- Gold: Au-AA24 (Fire assay), reported.
- Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES
analysis for 33 elements) and ME-MS61 (4 acid digestion with
ICP-AES & ICP-MS analysis for 48 elements), the latter report
for TRDD001 and former reported for holes TRDD002-TRDD022.
- Copper oxides and selected intervals with native copper:
ME-ICP44 (Aqua regia digestion with ICP-AES analysis) has been
assayed, but not reported.
- Assay results >10g/t gold and/or 1% copper are
re-assayed.
Qualified Person
The scientific and technical information in this news release
was prepared in accordance with the standards of the Canadian
Institute of Mining, Metallurgy and Petroleum and National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
("NI 43-101") and was reviewed, verified and compiled by Kincora's
geological staff under the supervision of Paul Cromie (BSc Hons. M.Sc. Economic Geology,
PhD, member of the Australian Institute of Mining and Metallurgy
and Society of Economic Geologists), Exploration Manager Australia,
who is the Qualified Persons for the purpose of NI 43-101.
JORC Competent Person Statement
Information in this report that relates to Exploration Results,
Mineral Resources or Ore Reserves has been reviewed and approved by
Mr. Paul Cromie, a Qualified Person
under the definition established by JORC and have sufficient
experience which is relevant to the style of mineralization and
type of deposit under consideration and to the activity being
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'.
Paul Cromie (BSc Hons. M.Sc.
Economic Geology, PhD, member of the Australian Institute of Mining
and Metallurgy and Society of Economic Geologists), is Exploration
Manager Australia for the Company.
Mr. Paul Cromie consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears.
The review and verification process for the information
disclosed herein for the Trundle, Fairholme and Nyngan projects
have included the receipt of all material exploration data, results
and sampling procedures of previous operators and review of such
information by Kincora's geological staff using standard
verification procedures.
JORC TABLE 1
Section 1 Sampling Techniques and Data
(Criteria in
this section apply to all succeeding sections).
Criteria
|
JORC Code
explanation
|
Commentary
|
Sampling
techniques
|
- Nature and
quality of sampling (e.g. cut channels, random chips, or specific
specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc.). These examples should not be taken
as limiting the broad meaning of sampling.
- Include
reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems
used.
- Aspects of the
determination of mineralisation that are Material to the Public
Report.
- In cases where
'industry standard' work has been done this would be relatively
simple (e.g. 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for
fire assay'). In other cases more explanation may be required, such
as where there is coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg submarine nodules)
may warrant disclosure of detailed information
|
- Kincora Copper
Limited is the operator of the Trundle Project, with drilling using
diamond coring and Air coring methods by DrillIt Consulting Pty
Ltd, from which sub-samples were taken over 2 m intervals and
pulverised to produce suitable aliquots for fire assay and
ICP-MS.
- Diamond drilling
was used to obtain orientated samples from the ground, which was
then structurally, geotechnically and geologically
logged.
- Sample interval
selection was based on geological controls and
mineralization.
- Sampling was
completed to industry standards with 1⁄4 core for PQ and HQ
diameter diamond core and 1⁄2 core for NQ diameter diamond core
sent to the lab for each sample interval.
- Samples were
assayed via the following methods:
- Gold: Au-AA24 (Fire assay) - Multiple elements: ME-ICP61 (4 acid digestion with
ICP-AES analysis for 33 elements) and ME-MS61 (4 acid digestion
with ICP-AES & ICP-MS analysis for 48
elements) - Copper oxides and
selected intervals with native copper: ME-ICP44 (Aqua regia
digestion with ICP-AES analysis) has been assayed, but not
reported - Assay results
>10g/t gold and/or 1% copper are re-assayed
- Historic sampling
on other projects included soils, rock chips and drilling (aircore,
RAB, RC and diamond core).
|
Drilling
techniques
|
- Drill type (e.g.
core, reverse circulation, open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details (e.g. core diameter, triple
or standard tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by what method,
etc.).
|
- Drilling by Kincora
at Trundle used diamond core drilling with PQ, HQ and NQ diameter
core depending on drilling depth and some shallow depth Air core
drilling.
- All Kincora core
was oriented using a Reflex ACE electronic tool.
- Historic drilling
on Kincora projects used a variety of methods including aircore,
rotary air blast, reverse circulation, and diamond core. Methods
are clearly stated in the body of the previous reports with any
historic exploration results.
|
Drill sample
recovery
|
- Method of
recording and assessing core and chip sample recoveries and results
assessed.
- Measures taken
to maximise sample recovery and ensure representative nature of the
samples.
- Whether a
relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
|
- Drill Core recovery
was logged.
- Diamond drill core
recoveries are contained in the body of the
announcement.
- Core recoveries
were recorded by measuring the total length of recovered core
expressed as a proportion of the drilled run length.
- Core recoveries for
most of Kincora's drilling were in average over 96.9%, with two
holes averaging 85.0%
- Poor recovery zones
are generally associated with later fault zones and the upper
oxidised parts of drill holes.
- There is no
relationship between core recoveries and grades.
|
Logging
|
- Whether core and
chip samples have been geologically and geotechnically logged to a
level of detail to support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
- Whether logging
is qualitative or quantitative in nature. Core (or costean,
channel, etc.) photography.
- The total length
and percentage of the relevant intersections
logged.
|
- All Kincora holes
are geologically logged for their entire length including
lithology, alteration, mineralisation (sulphides and oxides),
veining and structure.
- Logging is mostly
qualitative in nature, with some visual estimation of mineral
proportions that is semi-quantitative. Measurements are taken on
structures where core is orientated.
- All core and Air
core chips are photographed.
- Historic drilling
was logged with logging mostly recorded on paper in reports lodged
with the NSW Department of Mines.
|
Sub-sampling techniques
and sample preparation
|
- If core, whether
cut or sawn and whether quarter, half or all core
taken.
- If non-core,
whether riffled, tube sampled, rotary split, etc. and whether
sampled wet or dry.
- For all sample
types, the nature, quality and appropriateness of the sample
preparation technique.
- Quality control
procedures adopted for all sub-sampling stages to maximise
representivity of samples.
- Measures taken
to ensure that the sampling is representative of the in situ
material collected, including for instance results for field
duplicate/second-half sampling.
- Whether sample
sizes are appropriate to the grain size of the material being
sampled.
|
- Once all geological
information was extracted from the drill core, the sample intervals
were cut with an Almonte automatic core saw, bagged and delivered
to the laboratory.
- This is an
appropriate sampling technique for this style of mineralization and
is the industry standard for sampling of diamond drill
core.
- PQ and HQ
sub-samples were quarter core and NQ half core.
- Sample sizes are
considered appropriate for the disseminated, generally fine-grained
nature of mineralisation being sampled.
- Duplicate sampling
on some native copper bearing intervals in TRDD001 was undertaken
to determine if quarter core samples were representative, with
results indicating that sampling precision was acceptable. No other
duplicate samples were taken.
|
Quality of assay data
and laboratory tests
|
- The nature,
quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or
total.
- For geophysical
tools, spectrometers, handheld XRF instruments, etc, the parameters
used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their
derivation, etc.
- Nature of
quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable
levels of accuracy (ie lack of bias) and precision have been
established.
|
- Gold was determined
by fire assay and a suite of other elements including Cu and Mo by
4-acid digest with ICP-AES finish at ALS laboratories in Orange and
Brisbane. Over-grade Cu (>1%) was diluted and re-assayed by
AAS.
- Techniques are
considered total for all elements. Native copper mineralisation in
TRDD001 was re-assayed to check for any effects of incomplete
digestion and no issues were found.
- For holes up to
TRDD007 every 20th sample was either a commercially supplied pulp
standard or pulp blank. After TRDD007 coarse blanks were
utilised.
- Results for blanks
and standards are checked upon receipt of assay certificates. All
standards have reported within certified limits of accuracy and
precision.
- Historic assays on
other projects were mostly gold by fire assay and other elements by
ICP.
|
Verification of
sampling and assaying
|
- The verification
of significant intersections by either independent or alternative
company personnel.
- The use of
twinned holes.
- Documentation of
primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols.
- Discuss any
adjustment to assay data
|
- Significant
intercepts were calculated by Kincora's geological
staff.
- No twinned holes
have been completed.
- The intercepts have
not been verified by independent personal.
- Logging data is
captured digitally on electronic logging tablets and sampling data
is captured on paper logs and transcribed to an electronic format
into a relational database maintained at Kincora's Mongolian
office. Transcribed data is verified by the logging
geologist.
- Assay data is
received from the laboratory in electronic format and uploaded to
the master database.
- No adjustments to
assay data have been made.
- Outstanding assays
are outlined in the body of the announcement.
|
Location of data
points
|
- Accuracy and
quality of surveys used to locate drill holes (collar and down-hole
surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
- Specification of
the grid system used.
- Quality and
adequacy of topographic control.
|
- Collar positions
are set up using a hand-held GPS and later picked up with a DGPS to
less than 10cm horizontal and vertical accuracy.
- Drillholes are
surveyed downhole every 30m using an electronic multi-shot magnetic
instrument.
- Due to the presence
of magnetite in some alteration zones, azimuth readings are
occasionally unreliable and magnetic intensity data from the survey
tool is used to identify these readings and flag them as such in
the database.
- Grid system used is
the Map Grid of Australia Zone 55, GDA 94 datum.
- Topography in the
area of Trundle is near-flat and drill collar elevations provide
adequate control
|
Data spacing and
distribution
|
- Data spacing for
reporting of Exploration Results.
- Whether the data
spacing and distribution is sufficient to establish the degree of
geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and
classifications applied.
- Whether sample
compositing has been applied.
|
- Kincora drilling at
Trundle is at an early stage, with drill holes stepping out from
previous mineralisation intercepts at various
distances.
- Data spacing at
this stage is insufficient to establish the continuity required for
a Mineral Resource estimate.
- No sample
compositing was applied to Kincora drilling.
- Historic drilling
on Trundle and other projects was completed at various drill hole
spacings and no other projects have spacing sufficient to establish
a mineral resource.
|
Orientation of data in
relation to geological structure
|
- Whether the
orientation of sampling achieves unbiased sampling of possible
structures and the extent to which this is known, considering the
deposit type.
- If the
relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if
material.
|
- The orientation of
Kincora drilling at Trundle has changed as new information on the
orientation of mineralisation and structures has become
available.
- The angled drill
holes were directed as best possible across the known lithological
and interpreted mineralised structures.
- There does not
appear to be a sampling bias introduced by hole orientation in that
drilling not parallel to mineralised structures.
|
Sample
security
|
- The measures
taken to ensure sample security.
|
·
Kincora staff or their contractors
oversaw all stages of drill core sampling. Bagged samples were
placed inside polyweave sacks that were zip-tied, stored in a
locked container and then transported to the laboratory by Kincora
field personnel.
|
Audits or
reviews
|
- The results of
any audits or reviews of sampling techniques and
data.
|
- Mining Associates
has completed an review of sampling techniques and procedures dated
January 31st, 2021, as outlined in the Independent Technical Report
included in the ASX listing prospectus, which is available
at:
https://www.kincoracopper.com/investors/asx-prospectus
|
Section 2 Reporting of Exploration Results
(Criteria
listed in the preceding section also apply to this section.)
Criteria
|
JORC Code
explanation
|
Commentary
|
Mineral tenement and
land tenure status
|
- Type, reference
name/number, location and ownership including agreements or
material issues with third parties such as joint ventures,
partnerships, overriding royalties, native title interests,
historical sites, wilderness or national park and environmental
settings.
- The security of
the tenure held at the time of reporting along with any known
impediments to obtaining a licence to operate in the
area.
|
- Kincora holds three
exploration licences in NSW and rights to a further six exploration
licences through an agreement with RareX Limited (RareX, formerly
known as Clancy Exploration).
- EL8222 (Trundle),
EL6552 (Fairholme), EL6915 (Fairholme Manna), EL8502 (Jemalong),
EL6661 (Cundumbul) and EL7748 (Condobolin) are in a JV with RareX
where Kincora has a 65% interest in the respective 6 licenses and
is the operator /sole funder of all further exploration until a
positive scoping study or preliminary economic assessment ("PEA")
on a project by project basis. Upon completion of PEA, a joint
venture will be formed with standard funding/dilution and right of
first refusal on transfers.
- EL8960 (Nevertire),
EL8929 (Nyngan) and EL9320 (Mulla) are wholly owned by
Kincora.
- All licences are in
good standing and there are no known impediments to obtaining a
licence to operate.
|
Exploration done by
other parties
|
- Acknowledgment
and appraisal of exploration by other parties.
|
- All Kincora
projects have had previous exploration work undertaken.
- The review and
verification process for the information disclosed herein and of
other parties for the Trundle project has included the receipt of
all material exploration data, results and sampling procedures of
previous operators and review of such information by Kincora's
geological staff using standard verification procedures. Further
details of exploration efforts and data of other parties are
providing in the March 1st, 2021, Independent Technical
Report included in the ASX listing prospectus, which is available
at:
https://www.kincoracopper.com/investors/asx-prospectus
|
Geology
|
- Deposit type,
geological setting and style of mineralisation.
|
- All projects
ex EL7748 (Condobolin) are within
the Macquarie Arc, part of the Lachlan Orogen.
- Rocks comprise
successions of volcano-sedimentary rocks of Ordovician age intruded
by suites of subduction arc-related intermediate to felsic
intrusions of late Ordovician to early Silurian age.
- Kincora is
exploring for porphyry-style copper and gold mineralisation,
copper-gold skarn plus related high sulphidation and epithermal
gold systems.
|
Drill hole
Information
|
- A summary of all
information material to the understanding of the exploration
results including a tabulation of the following information for all
Material drill holes:
- easting and
northing of the drill hole collar
- elevation or RL
(Reduced Level – elevation above sea level in metres) of the drill
hole collar
- dip and azimuth
of the hole
- down hole length
and interception depth
- hole
length.
- If the exclusion
of this information is justified on the basis that the information
is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly
explain why this is the case.
|
- Detailed
information on Kincora's drilling at Trundle is given in the body
of the report.
|
Data aggregation
methods
|
- In reporting
Exploration Results, weighting averaging techniques, maximum and/or
minimum grade truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
- Where aggregate
intercepts incorporate short lengths of high grade results and
longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such
aggregations should be shown in detail.
- The assumptions
used for any reporting of metal equivalent values should be clearly
stated.
|
- For Kincora
drilling at Trundle the following methods were used:
- Interpreted
near-surface skarn gold-copper intercepts were aggregated using a
cut-off grade of 0.20 g/t Au and 0.10% Cu respectively.
- Porphyry
gold-copper intercepts were aggregated using a cut-off grade of
0.10 g/t Au and 0.05% Cu respectively.
- Internal dilution
below cut off included was generally less than 25% of the total
reported intersection length.
- Core loss was
included as dilution at zero values.
- Average gold and
copper grades calculated as averages weighted to sample
lengths.
- Historic drilling
results in other project areas are reported at different cut-off
grades depending on the nature of mineralisation.
|
Relationship between
mineralisation widths and intercept lengths
|
- These
relationships are particularly important in the reporting of
Exploration Results.
- If the geometry
of the mineralisation with respect to the drill hole angle is
known, its nature should be reported.
- If it is not
known and only the down hole lengths are reported, there should be
a clear statement to this effect (eg 'down hole length, true width
not known').
|
- Due to the
uncertainty of mineralisation orientation, the true width of
mineralisation is not known at Trundle.
- Intercepts from
historic drilling reported at other projects are also of unknown
true width.
|
Diagrams
|
- Appropriate maps
and sections (with scales) and tabulations of intercepts should be
included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
|
- Relevant diagrams
are included in the body of the report.
|
Balanced
reporting
|
- Where
comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.
|
- Intercepts reported
for Kincora's drilling at Trundle are zones of higher grade within
unmineralised or weakly anomalous material.
|
Other substantive
exploration data
|
- Other
exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
|
- No other
exploration data is considered material to the reporting of results
at Trundle. Other data of interest to further exploration targeting
is included in the body of the report.
- Historic
exploration data coverage and results are included in the body of
the report for Kincora's other projects.
|
Further work
|
- The nature and
scale of planned further work (e.g. tests for lateral extensions or
depth extensions or large-scale step-out drilling).
- Diagrams clearly
highlighting the areas of possible extensions, including the main
geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
|
- Drilling at the
Mordialloc and Trundle Park targets are ongoing at the time of
publication of this report and plans for further step-out drilling
are in place at both the Trundle Park and Mordialloc prospects.
Further drilling is proposed at other Trundle project areas,
including air core programs at the Mordialloc, Dunns and Ravenswood
South prospects, that have complementary but insufficiently tested
geochemistry and geophysical targets with the aim to find: (a) and
expand near surface copper-gold skarn mineralization overlying or
adjacent to (b) underlying copper-gold porphyry
systems.
|
SOURCE Kincora Copper Limited